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BP Drove Up European Jet Fuel Output by 30% During Iran Conflict
Key Points
Commodities BP Drove Up European Jet Fuel Output by 30% During Iran Conflict BP Plc boosted jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages while millions of barrels were locked up in the Persian Gulf. The outbreak of war at the end of February sparked fears that a slump in jet fuel exports would cause a severe supply crunch in Europe just ahead of peak summer demand. Prices shot to a record.
Commodities
BP Drove Up European Jet Fuel Output by 30% During Iran Conflict
BP Plc boosted jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages while millions of barrels were locked up in the Persian Gulf.
The outbreak of war at the end of February sparked fears that a slump in jet fuel exports would cause a severe supply crunch in Europe just ahead of peak summer demand. Prices shot to a record. Yet surging local production and increased imports from other suppliers helped the continent avoid a crisis.